In a significant development in the small finance banking sector, Fincare Small Finance Bank (Fincare SFB) is poised to amalgamate into AU Small Finance Bank (AU SFB), with the merger slated to take effect from February 1, 2024, subject to all requisite approvals. AU SFB, in a late evening regulatory filing, announced its approval of the amalgamation. According to the terms of the merger, shareholders of Fincare SFB will receive 579 shares in AU SFB for every 2,000 shares they hold in Fincare SFB.